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What are the real benefits of personal bankruptcy?

On Behalf of | Apr 3, 2024 | Chapter 7 Bankruptcy

Personal bankruptcy can provide you with a real way out of debt and help you secure a fresh financial start. But generically saying that may not be enough to put your mind at ease. After all, you’ve probably been inundated with bankruptcy alternatives and the negative connotations that often accompany bankruptcy. That’s why in this post we want to look at the specific benefits of filing for and successfully pursuing bankruptcy, that way you have a clear understanding of what the process has to offer you.

The true, concrete benefits of pursuing bankruptcy

There are several benefits of a successful bankruptcy petition, including some that are often overlooked. Here’s what you might be able to get out of the Chapter 7 bankruptcy process:

  • Stopping wage garnishment.
  • Ceasing collection attempts.
  • Avoiding having to attend court for debt collection lawsuits.
  • Eliminating most, if not all, of your outstanding debts.
  • Preventing the IRS from attempting to collect assets from you.
  • Ending harassing phone calls made by creditors and collection agencies.
  • Halting foreclosure.
  • Stopping the repossession of your vehicle.
  • Halting lawsuits that have been filed against you.
  • Acquiring a fresh financial start.
  • Enjoying bankruptcy exemptions that allow you to secure financial stability as you move into the next chapter of your life.
  • Giving yourself the ability to start saving for retirement more effectively.
  • Allowing you to retain spousal support that’s owed to you.

There may be other advantages for you in your unique set of circumstances. So, be sure to fully assess the bankruptcy process and what it can do for you.

Are you ready for the next steps in your bankruptcy journey?

If you’re ready to learn more about what bankruptcy can do for you, then continue to research the topic and be honest with yourself. Far too many people make the mistake of trying to fend off debt without seeking bankruptcy, which only leads to wasted time, wasted resources, and the accumulation of avoidable stress. You deserve better, so do your best to avoid making that mistake.



Kingcade & Garcia | A Miami Law Firm